Discussion in 'Prop Firms' started by dream64, Jun 24, 2003.
i am a new trader, and i have been offered positions at worldco and etg. any thoughts? thanks.
Private message TM_Direct and ask him for the "Special Ivy League SS, LLC Deal". He will hook you up.
Yes. My thoughts are you should use the search function and read some of the gazillion or so threads and responses on this subject. If you have specific questions after that experience, please ask them. You will find that the board is helpful provided you are not trolling or advertising...
Don't listen to them.... I trade approximately 2-3 mill shares a month and pay 1.7 per share.......im looking for a better deal and some leverage
Don't be shocked....They take advantage of me because Im disabled and a minority.
Sorry, SHill,LLC has stopped taking Ivy league students...we are now concentrating on cracked up druggies on the street who are desperate for money...we have found that they make some of the most aggressive traders and often times will churn shares non stop for us....Our volume has skyrocketed as a result of this program...Last month we traded over 500 Million shares...mostly in pharmaceuticals
Check your PMs. I sent a serious legitimate reply.
I've heard a lot fo people complain about Worldco on here, but you should decided for yourself. People complain about everything in life especialy if they are not making money.
Three years ago, no one would have complained about Worldco or any other firm. Today, and in the last year or so, everyone is complaining about all the firms. It always sucks when it is hard to make money and it is easier to blame it on a firm like Worldco and other firms than to look at yourself and ask yourself how good of a trader you really are if you can only make money in good times.
I have nothing bad to say about an firm and you shouldn't bad mouth anyone until you yourself know the WHOLE story.
Most prop traders want quick money, and when they don't get it they find someone else to blame.
Bottom line, too many traders were spoiled in the late 90s because of the tech boom etc.
Most of them are no coming to reality that it takes more than a fraudulent IPO rally to make money in a normal trading environment.
I feel for everyone, and I know it sucks too, but don't ever forget, these prop are businesses and businesses always have to look out for their best interests. If you were the owners, you would probably do the same things that some of these firms are doing right now. It is just hard to realize that this is the truth. The truth hurts!!!!!
There is something sinister about the Worldco model, you have to admit.
They float capital to new traders, but really you can even lose some of their money - they are charging you so much in comms that they know they can come out ahead.
They are little casinos. The average daytrader trading all day - Worldco charges the trader .012/share to trade. They give the trader money to trade with. They bet that the trader can do better than losing .01/share. As long as that happens, they make $ on the commission markup. The newbie trader rarely will understand this concept.
Their probability of doing better than -.01/share is very good, however their probability of doing better than +.02 (which they will need to cover to take some money home) is pretty low.